OMAHA - Warren Buffett says newspapers need to stop giving away their product free online, but will have a decent future if they continue delivering information that can’t be found elsewhere.
Buffett talked about the news business on CNBC yesterday because his Berkshire Hathaway owns two newspapers and has a sizable investment in the Washington Post Co.
Newspapers face challenges because of competition from Internet news sources and the rising cost of newsprint. Buffett said newspapers need to make sure they remain the primary source of information about subjects readers are interested in.
He was being interviewed in front of the Omaha World-Herald’s printing presses. Berkshire Hathaway bought the World-Herald last year.